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Tractor Supply has Reese Towpower Trailer Coupler Repair Kits for $ 5.99, shipping is free.

Great excuse to renew your rusted, worn, difficult to operate trailer latch mechanism.

Available in:

2 inch Class II [tractorsupply.com] (model 74797, most popular size)

and

1-7/8 inch Class I [tractorsupply.com] (model 74796)